Oil Rises as Fuel Demand Outweighs Equity Slump, Dollar Gain - Bloomberg

Oil Rises as Fuel Demand Outweighs Equity Slump, Dollar Gain - Bloomberg:

Oil posted the first gain in three days as a government report showing stronger U.S. fuel demand overshadowed a slump in equities.

Futures closed 0.8 percent higher after rising as much as 1.4 percent earlier in the session. The day’s gains were limited by a strengthening greenback and faltering equities, while Wednesday’s inventory report showed growing demand and a substantial drop in fuel stockpiles that offset a large crude build.

“I think the report’s details were much less bearish than the headline,” said Kyle Cooper, consultant at Ion Energy Group in Houston. “There’s a slight bias higher, but not huge, with prices driven by equities and the next tweet. That’s just the reality of the market now.”